Abstract: An object is to provide an aqueous coating material composition having high viscosity expression property as well as a viscosity property of decreasing viscosity with increase in shear velocity; in particular, to provide an aqueous coating material composition that can form a multilayer coating film having excellent smoothness, clarity, flip-flop property, adhesion, and water resistance; in addition, to provide a method for forming a multilayer coating film using such aqueous coating material composition, as well as a coated article that has been coated with such aqueous coating material composition. As a solution, an aqueous coating material composition is provided that contains a polyester resin (A), acrylic resin particles (B), a curing agent (C), and a coloring pigment (D), wherein the polyester resin (A) is a resin containing a trifunctional or higher polyfunctional polycarboxylic acid (a1) and a polyol (a2) as monomer components.